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The Ministry of Finance ("MOF") has by a recent notification further liberalized the Scheme for Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism), 1993 ("Scheme") by permitting unlisted Indian companies, like those engaged in real estate business, to sponsor an issue of American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) with an overseas depository against shares held by its shareholders

SEBI has notified the SEBI (Alternative Investment Funds) (Amendment) Regulations, 2024 on January 5, 2024, and the key changes are set out hereunder...